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GBP/USD upside hinges on USD performance – OCBC Bank

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees any potential upside in the pair to be capped by the ongoing US dollar rally.

Key Quotes

“The pound paid little heed to the 2Q GDP numbers on Tuesday as the fallout from the EUR also dragged the local unit lower”.

“Note that the cable has deteriorated back to the 1.6200 neighborhood (and then some) with the recent lows around 1.6050 in close proximity again”.

“At this juncture, broad dollar resilience may prove intractable despite background positivity towards the BOE”.

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